What Does EDD Stand For?

Whenever talking about KYC (know your customer), you absolutely need to think about EDD, which stands for enhanced due diligence. These are concepts that are vital in business and in all financial industries. Due to this fact, you have to clearly understand them both.

Know Your Customer is a set of processes that involve gathering data and information to verify client identity. In most cases, the goal is to make sure that people are not involved in some sort of money-laundering activity or another financial crime. When KYC involves an EDD process, the concept is similar. However, the difference is that there is greater depth and detail.

EDD was especially created in order to deal with the high-net work or high-risk customers, together with really large transactions. Because such customers and large transactions are riskier for the financial industry, they are monitored and regulated in a different way. Financial institutions and companies were forced to use EDD through the 2001 USA Patriot Act. The provision is still valid right now.

Due to the Patriot Act, offshore banking institutions, correspondent accounts and even private banking organizations have to respect EDD laws and regulations.

Various characteristics separate the regular KYC policies from the EDD policies. EDD policies are robust and rigorous. This means that they always require much more evidence, together with more information that has to be collected. EDD should always be properly documented, with regulators being allowed instant data access.

Data is being collected and then professionals are hired to analyze data, together with information source reliability.

With EDD, there is also a reasonable assurance that is used as a KYC risk rating is calculated. Professionals that make decisions have to complete all research steps and then exercise professional care and skill when a judgment was reached.

EDD will take into consideration absolutely all information. This includes all the official documents and even files posted online, if relevant. If the transactions are really large or the client has the necessary high-net-worth, leniency does not exist. Zero risks are taken.

KYC procedures have a really high standard that is respected by the financial institutions. The exact same thing applies to EDD. When an institution or a company discovers something that is suspicious, authorities need to be made aware. In addition, consistent monitoring is absolutely mandatory. Even compliance software has to be utilized by financial institutions. This is not required by law but it is heavily encouraged.

Every single financial institution with large clients or large transactions has to respect laws. A failure to do this always leads to serious consequences. Billions of dollars were paid in fines by the banks and different financial institutions that did not comply with KYC, AML and EDD regulations in 2018. More will likely have to be paid in 2019.

To sum up, EDD is similar to KYC but it is much more complex and stricter. Whenever you have to deal with EDD regulations, it is vital that you comply. Whenever this does not happen, fines are incredibly large.

The Tips and Strategies of Craps

Bе ѕmаrt, play ѕmаrt, аnd lеаrn how tо play сrарѕ the right wау!

If the рауоff for a Don’t Pаѕѕ Oddѕ bеt equals the аmоunt оf thе Flat bet, thеn thе Oddѕ bеt іѕ brіdgеd. Thе part оf уоur Oddѕ bet thаt’ѕ equal to the Flаt bet іѕ рlасеd directly next tо the Flаt bet. Thеn, thе rеѕt оf thе Oddѕ bеt is рlасеd оn top “brіdgіng” them. Fоr еxаmрlе, ѕuрроѕе уоu mаkе a $5 Don’t Pass bеt, and thе ѕhооtеr rolls a роіnt оf 8. Knоwіng thе true оddѕ fоr thе 8 are 6:5 (і.е., ѕіx wауѕ tо mаkе a 7, and fіvе wауѕ tо mаkе аn 8), you then lay $6 іn Odds wіth thе hоре of wіnnіng $5. In thіѕ example, іf you wіn the $6 Oddѕ bеt, you win $5, which еxасtlу еԛuаlѕ the аmоunt уоu wіn wіth your $5 Flаt bеt (і.е., уоur $5 flаt bеt іѕ even mоnеу, which means уоu wіn $5). Thеrеfоrе, ѕіnсе your Flat bеt аnd Odds bet wіn thе ѕаmе аmоunt (i.e., $5 each), уоu brіdgе your $6 Odds bet bу placing a $5 chip directly nеxt tо your $5 Flаt bеt, аnd thеn рlасіng thе $1 chip ѕо іt brіdgеѕ the twо $5 chips.  These are craps strategies to optimise your wins. [Read more…]

3 Tips for Making Your Family Camping Trip Affordable and Fun

With money being tight in almost every American family, it is understandable that vacations may need to be trimmed back a bit. Families are realizing that they can no longer drop a couple thousand dollars on a tropical vacation each year but they still desire a getaway for the family. One of the best budget-friendly options for family vacations is camping. [Read more…]

Astonishing Historic Facts about Gambling and Casinos


Even thought gambling and casinos as we know them are a relatively recent introduction, the history of hazard games can be traced centuries back. Cards, dice, even craps — all of these games start their “historical way” from nowadays with its digital representatives and gadgets on different online portals and go way back to the ancient times. Here are just some of the astonishing facts about the history of gambling that will surprise you. [Read more…]

The Future of Mobile App Development for Sports Teams

Managing a sports team requires a group of business professionals, along with a long list of tools that make the entire process easier on a day-to-day basis. Because businesses are using apps, particularly enterprise apps, in order to boost productivity and performance, keep track of valuable data more easily, and maintain the growth of their organisations more effectively, it is no surprise that sports teams are also using mobile apps to accomplish the same goals. And you can hire the most talented UK app developers to create a custom app for any industry, including the sports industry. [Read more…]

World of Apps

Let’s take a trip down App lane and see what sort of a day we can have. It’s a bit of fun to celebrate the arrival of spring and maybe a bit of laughter will help the sun come out and join us! Actually the weather is a little chilly in the mornings, but the sunshine has been welcome albeit that it sometimes hides behind clouds. Easter will be here next week and there are some serious bargains and deals to be had over the long weekend. “In your Easter bonnet…” as the song goes.

[Read more…]

Side Hustle: How to Boost Your Income Doing Things You Love

Here she shares a few tips to help others boost their income on a regular basis:

When it comes to saving money for something special, whether that’s a house deposit, a new car or a much-needed holiday, reducing your outgoings can be a great place to start. However, if you’re already a thrifty shopper and do everything you can to avoid going over budget, reaching your target can seem like a long way off. If this sounds familiar and you feel as though as though you’ve hit a brick wall, it could be time to increase your actual income. [Read more…]

Cargiant Christmas Advent Gift Guide

Christmas is almost upon us and with so many stores both online and on the high street vying to part us with our hard-earned cash, this time of year can be quite over-bearing.

But this is only one problem because if you have a far-reaching family to buy gifts for, deciding what to get them – whilst not overspending – can be a real chore.

That’s why the guys over at Cargiant have designed an awesome and interactive advent gift guide to give you a helping hand with your present buying this Christmas.

Like the conventional festive calendar, Cargiant’s advent contains 25 windows for you to explore and under each window you will find a range of gifts for all the family. Whether you’re on a budget or have a bit more disposable cash, you will get loads of inspiration for everyone.

If you are on a tight budget then I would stick to the lower numbered windows as the gifts here are priced around the £10 – £50 mark. If – as I mentioned before – you have a little extra cash then check out the higher numbered windows which contain the pricier items.

Whatever your budget is this Christmas, remember you don’t have to go silly. This time of year is more about spending time with the people you care about rather than how much you spend on them. When I think back on Christmases past I don’t remember what I was given but instead remember how it was spent.

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